A fair number of ini edits are esthetic value only, and 'best' setting vary by taste. Most of the 'prettyfication' stuff you can do in either the oblivion launcher options, or, the ingame options menu. There are settings for water quality/clarity, etc, but, yeah, just a matter of taste.
Really wanna make things look good/beat the crap out of your video card? Mods. Texture packs, LOD mods, things of that nature.